Today's guest is not only a great friend but also a TPH alum! We were so pleased to visit with Brad Olsen, Co-Founder and Portfolio Manager of Recurrent Investment Advisors which focuses their funds on public investments in natural resources and energy infrastructure. Our discussion was fruitful and most importantly good fun! As you will hear, Brad has a lively mind and got us thinking!

After throwing everything but the kitchen sink at Brad during our introduction, he started by sharing some background on Recurrent Investment Advisors. Our discussion flowed from how they structure their benchmarks to their overall investment strategies, the paucity of third party capital for energy investments in the next 5 years, inflation, dynamics in energy public markets, and much much more. Brad was a wonderful guest and we look forward to hosting him again in the future. We didn't let him go today without extracting a promise to come back.

As mentioned, the TPH team kicked off with an action packed introduction: with Matt Portillo on the road, Mike Bradley passed along a few of his natural gas comments and took a look at world oil demand & supply, European commodity prices, and top energy headlines in the last 48 hours. Craig Webster joined to share key points from recent TPH ESG pieces, ESG's Stewardship Conflict and Costs Matter, Even for ESG. Last but not least, Colin Fenton looked at debt and currency trading around the world. The move to the safety of the dollar is seemingly on.

----------

Copyright 2021, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC, Tudor, Pickering, Holt & Co. Securities – Canada, ULC, Perella Weinberg Partners LP, and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors. Recipients should not forward this communication to a retail investor.